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Warm Weather Pushing TTF Lower As EU Agree 180€/MWh Price Cap

NATURAL GAS

TTF is ticking back up after the EU ministers reach an agreement on a 180€/MWh gas price cap from 15 Feb onwards.

  • Prices are still negative on the day with weather forecasts showing a respite from the recent cold and higher demand. Temperatures in NW Europe are showing above normal for the coming week with the risk of a slight cooling trend towards the end of the month.
  • Prices out to the end of Win23 have fallen with the end to the cold spell easing the pressure on supplies with front month down about 18% since 15 Dec.
    • TTF JAN 23 down -3.6% at 111.27€/MWh
    • TTF SUM 23 down -3.9% at 111.8€/MWh
    • TTF WIN 23 down -3.3% at 112.17€/MWh
    • TTF SUM 24 down -3.6% at 85.27€/MWh
    • TTF WIN 24 down -2.7% at 83.2€/MWh

Source: Bloomberg

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